BEML aims to join billion dollar league by 2014
23 Jun 2007
Mumbai: Mini-Ratna Bharat Earth Movers Ltd (BEML) is aiming to become a billion dollar company by 2013-14, doubling its present turnover of over Rs2,600 crore (about $600 million).
"We aim to take the total turnover of our company to Rs3,000 crore in the present fiscal and Rs5,000 crore or $1 billion by 2013-14 from about Rs2,600 crore in 2006-07," BEML director (finance) B L Bajaj said.
The
company has charted out an expansion plan for all its three major business divisions
- mining and construction, defence equipment and rail coach manufacturing - to
achieve the target. The
issue, opening on June 27, would constitute 11.77 per cent of the fully diluted
post-issue equity capital of the company. Post-issue, the government''s stake would
come down to just above 51 per cent in BEML. The
company also plans to invest Rs9 crore toward development of
a research centre for metro coaches and Rs90 crore for a voluntary retirement
scheme for employees. The
price band for the issue will be announced a day before the issue opens.
